Suncorp Bank, named Money magazine’s Business Bank of the Year 2023, offers banking and lending services to small to large businesses in Australia. If you are considering Suncorp for a business credit card, here is what you need to know before you apply.¹
What business credit card(s) does Suncorp offer
Suncorp only offers the Clear Options Business Credit Card, which is a credit card account for making business payments and earning rewards. The card has won Canstar’s 2023 award for outstanding value for a business credit card due to its robust rewards program.
The Clear Options Business Credit Card is suitable for companies of any size that are more than two years old.
A business credit card comes with fees and an interest rate, which is typically called an annual percentage rate. You can spend on the card and then pay off what you spent each month, or the balance will carry over with interest. If instead of a revolving line of credit, you’d like a business loan instead, Suncorp offers business loans with specific options for agribusinesses in Australia.
A Suncorp business credit card can be a good idea for a business that wants to manage cash flow, streamline expenses and earn reward points.
First, a business credit card can help tide over and pay business expenses between receiving payments. The expenses that can be paid with a credit card can include operating costs, travel budget, utilities or inventory. Plus, with this credit card, you can have up to 99 additional cardholders so your business expenses can be paid from one account.
Lastly, if you are spending substantially, you can use the Suncorp credit card to earn reward points that you can redeem with Qantas, for example.
The business credit card account can be for a business owner or CEO, with additional cards given to operations, sales, or business development staff.
Here is how your business can benefit from having a Suncorp business credit card:
The Suncorp Credit Card Rewards program is a major benefit of having a business credit card. There are two types of membership rewards programs:
Points can be redeemed by the business or an individual.
Here are the cons for the Suncorp business credit card:
As with any credit card, make sure you have the ability to repay any spending plus interest, or at least make the monthly minimum payment.
The credit limit is the maximum you or other cardholders can spend on the business credit card. Suncorp has a maximum total credit limit of $250,000, but you may qualify for a lower credit limit. There is a minimum credit limit of $2,000 for cardholders.
A credit limit may be increased if you have shown a history of on-time payments and your account is in good standing. However, the bank will have ultimate approval to increase a credit limit or not. The credit limit on this card can not exceed $250,000.
The Suncorp business credit card has fees that should be budgeted into your company’s expenses:
Type of fee | Fee amount |
Annual fee | $45 |
Additional cardholder fee | $45 |
Interest rate | 18.45% (varies per borrower) |
Cash advance rate | 19.45% |
Late payment (billed per statement period) | $30 |
Withdrawing money in Australia | 3.5% of transaction with a minimum charge of $3.50 |
Overseas transaction fee | 3.4% |
Withdrawing money overseas | 1.50% and possibly a foreign exchange fee |
Account statements | 1 free monthly |
| Additional account statements | $14 |
Overlimit fee | $40, per statement period |
Dishonoured cheque fee | $15 |
Reward program | Fee amount |
Standard Rewards Membership | $20 |
| premium Rewards Membership with Qantas Frequent Flyer | $69 |
To apply for a Suncorp business credit card, you will have to call the bank or head to the nearest bank branch.
You may be asked to provide your business documents and financial information during the application process.
Your business must meet these requirements to be eligible for a Suncorp credit card:
You must meet both requirements before being able to apply, so newly formed startups or businesses may not be eligible.
The process to get a business credit card varies by applicant and the type of business. When applying, you can ask Suncorp’s representative how long the expected time can be from application to decision.
If your application is rejected or declined, send a request to the bank to understand the reasons for the decision. Then, consider whether to apply to a different bank which may be a better fit for your business or ways to improve your financials in case you want to apply again in a few months.
There are two types of limits that you can have when you have a Suncorp business credit card and additional card holders. The credit limit is the total amount of credit you have, while a spend limit is a spending cap placed on the additional cards. So if multiple additional cardholders spend on the card, you won’t be able to use the card for purchases beyond the total credit limit. The spend limits can not exceed the total credit limit.
If you want to contact Suncorp, there are a few ways to do so:³
Reason to contact | Contact details |
General customer service | 1300 628 578 |
Lost or stolen card in Australia | 1300 628 578 |
Lost or stolen card oversea | +61 7 3362 1712 |
Suspicious credit card transactions in Australia | 1300 221 576 |
Suspicious credit card transactions overseas | +61 7 33621712 |
Suncorp bank reward centre (phone) | 1300 628 578 |
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